Cuban said that parents can guide their children to success in the business world by helping them set goals and by drafting an action plan for their business idea.

"Parents can support their children's business plans in a couple of ways, the first being coming up with an action plan that the parent and child can both fill out," Cuban told Business Insider in an email.

"The action plan lays out the details such as how many hours per week will you need to work, what materials you will need, and how you will sell your product or service," he continued. "This will help the parent gauge whether or not the business idea is semi-feasible."

Cuban said that by setting realistic goals with your child and encouraging their ideas, you can teach them good business judgment, an important skill at any age.

"Being an entrepreneur means having to learn, focus, and connect to people and these are all traits that are valuable throughout life. Learning this when you are young is especially crucial, and will set you up for success and to be more open to other opportunities," Cuban told Business Insider.

"It doesn't matter if it's the video game Fortnite or making and selling slime," he said. "Finding something they want to learn about and helping them find things to read about sets a natural path to turning that knowledge into a business."